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June 2013 Housing Starts in Vancouver

Jul 9 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/09/13 -- Housing starts in the Vancouver Census Metropolitan Area (CMA) were trending at 17,575 units in June compared to 16,318 in May according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of housing starts.

"The trend in housing starts moved up in June," said Lance Jakubec, CMHC's Senior Market Analyst for Vancouver. "Robust multiple-family housing starts, which included over 180 rental units, were recorded."

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. In some situations, analysing only SAAR data can be misleading in some markets, as they are largely driven by the multiples segment of the markets which can be quite variable from one month to the next.

The standalone monthly SAAR was 22,583 units in June, up from 14,654 in May.

Housing starts in the Abbotsford-Mission CMA were trending at 821 units in June. The standalone monthly SAAR was 1,578 units in June. An increase in apartment starts raised both the six-month trend and June SAAR starts above the previous month's level.

Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

Follow CMHC on Twitter @CMHC_ca

( 1) All starts figures in this release, other than actual starts and the trend estimate, are seasonally adjusted annual rates (SAAR) - that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment allows for a comparison from one season to the next and from one month to the next. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.

This release is also available at www.cmhc.ca.

Additional data is available upon request.

(Ce document existe egalement en francais)

To view the tables accompanying this press release please click on the following links:

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Contacts:
Canada Mortgage and Housing Corporation
Lance Jakubec
Market Analysis
604-737-4095 or Cell: 604-209-6835
ljakubec@cmhc.ca

Canada Mortgage and Housing Corporation
Tracy Wells
Media
604-737-4162 or Cell: 604-999-7190
twells@cmhc.ca
www.cmhc.ca





Source: Marketwire


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